The National Bureau of Statistics released its 2016 GDP report with Nigeria’s GDP contracting by -0.3%, the first time it has recorded a negative GDP since 1995. This follows a galloping inflation rate that is currently at about 12.7% and thought to be much higher if you factor in exchange rate.
The current President has been under intense criticism for his handling of the economy with critics accusing him of being slow and bereft of ideas. However, former Vice President Alhaji Atiku Abubakar appears to have what might be seen as his solution to Nigeria’s economic crisis.
According to Alhaji Atiku, the solution to the economic crisis and a reversal of Nigeria’s fortunes is an “investment in agriculture and allied businesses.” He also believes this will get Nigerians out of its “addiction to fossil fuels, and over-reliance on rent-seeking enterprises.”
The former Vice President is ostensibly towing the line considering his latest investment in the Agric sector. He recently revealed plans to establish an animal feeds factory in Abuja as “part of his contribution towards reducing unemployment in the country.”
Apart from relying on Agriculture to help solve Nigeria’s economic travails the former Vice President also seems to have a plan to solve the herdsmen crisis.
”Based on the success and impact of the Numan factory, the Abuja factory when operational, will play a significant role in providing feed for millions of cattle that presently roam the country in search of pasture,” it said.
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.